Word: 22â
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...years ago U. S. rubbermen were paying 22?? a pound for rubber raised at a cost of 18¢ a pound on British rubber plantations. Then the Chancellor of the British Exchequer, Winston Churchill, succeeded in enforcing restrictions on British rubber production. Soon the price of rubber mounted to $1.20 a pound (TIME, Aug. 3, 1925), a rise of almost 500% in 13 months. Secretary of Commerce Herbert Hoover protested, but the U.S. public continued apathetic. Big rubbermen took steps. Harvey Firestone told his son Harvey Jr. to take steps to Liberia...
...pointed out that the cost of producing raw rubber and cotton is about the same, but cotton sells at 22?? and rubber at 90¢ a pound. On succeeding days rubber manufacturers told the committee the same story...